HRA (House Rent Allowance) is a salary component that helps employees cover rental expenses. Under Section...
1. Statutory Framework
Section 5 defines the scope of total income based on the taxpayer’s residential...
Under the Income Tax Act, 1961, taxpayers have several remedies against orders passed by the Commissioner...
Section 10(20) of the Income Tax Act, 1961 provides exemption from income tax for the income of a local...
Section 10(6BB) of the Income Tax Act, 1961 provides a tax exemption to foreign governments or foreign...
The residential status of an individual is crucial for determining tax liability in India. It classifies...
Introduction:
Section 67 of the Central Goods and Services Tax (CGST) Act, 2017, deals with the power...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
Section 92 of The Income Tax Act 1961, states that any income, expenditure interest & allocation...
Section 115BBE of the Income Tax Act, 1961 imposes a flat 60% tax rate (plus 25% surcharge and 4% cess,...
The provisions, which are being discussed under various sub-sections of section 40A have overriding effect ...
Section 139(5) of the Income Tax Act, 1961, allows taxpayers to correct errors or omissions in their...
Section 158A of the Income Tax Act, 1961, read with Rule 16 of the Income Tax Rules, 1962, provides a...
Under the Income Tax Act, 1961, rent-free or concessional accommodation provided by an employer is a taxable...
Under Section 56(2)(ib) of the Indian Income Tax Act, 1961, income from winnings is subject to taxation....
National Pension System (NPS) is a retirement benefit Scheme introduced by the Government of India to...
Section 234C of the Income Tax Act, 1961, pertains to the levy of interest for deferment of advance tax....
Section 10(6D) provides a tax exemption to non-residents (other than foreign companies) on income received...
Notification No. 02/2025 [F. No. 275/110/2024-IT(B)] Dated 2nd January, 2025
MINISTRY OF FINANCE
(Department...
Here’s a detailed explanation of Penalty under Section 271AAC of the Income Tax Act, 1961, which applies...